June house sales slump by 45%

The number of house sales completed in June of his year fell by 45% when compared with the same period of 2007.

According to HM Revenue & Customs, which requires notification of all transactions over £40,000 for stamp duty purposes, 140,000 homes were sold in June of last year, with the figure declining to 77,000 for June 2008.

Latest information from the National Association of Estate Agents suggests property sales could fall even further.

The number of potential buyers on its members’ books fell to an average of 226 last month, down from 322 in June 2007.

Meanwhile, auction specialist Essential Information Group has reveal that the number of repossessed properties appearing for sale in auction houses has risen nearly 300% over the past three years.

Between January and June of this year, 3,115 repossessed homes were sold at auction, compared with just 799 during the same period of 2005.

The past 12 months has seen a 66% rise in repossession sales, which now constitute around one in five of all residential properties going under the hammer.

The Council of Mortgage Lenders is predicting that repossessions will rise from 27,100 in 2007, to 45,000 in 2008.

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